RayBrooke RayBrooke

04-10-2021
Mathematics

contestada

Approximate the annual interest rate for a 4-year car loan of $16,000 as monthly payments of $400.

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lifelongknowledge62 lifelongknowledge62

04-10-2021

Answer:

R =

Step-by-step explanation:

time = t= 4 years

principal = 16000

interest = I = 400

rate of interest = R = ?

we know,

I = PTR/ 100

R = I* 100/ P*T

R = 400* 100/(16000*4)

= 0.625%

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